Critical Illness cover

Insurance is all about being prepared for the unexpected and, despite the fact that none of us want to think about it, we should all be prepared if diagnosed with a critical illness.

Do you put your seatbelt on when you get in your car? Do you wear a cycle helmet when you get on your bike? Of course you do. Why? It’s not because you know that you are going to have a crash or because you are expecting to fall off your bicycle – it’s simply that, although the risk is relatively low, something just might happen and you want to be prepared in case it should. Apply this same principal of ‘reasonable protection’ to your financial affairs and you won’t go too far wrong.

It is ironic that most of us are quite happy to insure our car, our house and our travel arrangements to their full value, but few of us take quite as much care with protecting our health and loved ones.

Unfortunately, whilst many of us take life cover to protect our mortgages in the event of death we often forget to consider the financial impact if a member of the family is very poorly. Sadly, the latest statistics indicate that 1 in 3 men and 1 in 4 women will be diagnosed with a critical illness before retirement. The good news is that many will survive these illnesses, though the long term effects may result in permanent changes to their lives.

However difficult to consider, it is important to have contingency plans in place in case either Mum or Dad can’t work, or if home adjustments are required. Remember that life insurance only pays out in the event of death.

Critical illness cover is often cheaper if arranged at the same time as life cover and could make all the difference when facing a terrible situation. You’ve worked hard to achieve the lifestyle you enjoy so take time now and then to review the level of financial protection you have in place. You need to be sure that if the unexpected should ever happen you and your family are completely secure.

The last thing you want to consider is if your little boy or girl could get a critical illness, but this cover could make all the difference to their recovery. It would let you take time off work to spend with your child, pay for additional care to help their recovery, or pay for changes to your home to make life easier.

Bob Poole

83% of cancer patients are hit by financial costs as a result of their diagnosis.

Macmillan Cancer Support, March 2014

There are around 100,000 multiple sclerosis sufferers in the UK. In fact it’s one of the 5 most common critical illnesses claimed. The average age of those claiming for MS is 42.

Royal London UK intermediary protection claims paid, 1 January – 31 December 2014

The good news is more and more people are surviving critical illnesses. However, the recovery time often means taking extended time off work till you get back on your feet. By taking out just a small amount of critical illness cover, you can buy the time you need to recover without having to use up your hard-earned savings.